Veeva Systems 3rd quarter 2020 results impress

Tom Paine

Veeva Systems, California-based with a strong Philly presence, racked up another strong quarter in its FY 20200 3rd quarter. Veeva provides integrated cloud computing services to the Life Sciences industry.

Third-quarter adjusted earnings of 60 cents a share topped analysts’ forecasts by 6 cents, while revenue of nearly $281 million also came in higher than expectations.

The company said it expects fiscal-year adjusted earnings of $2.16 to $2.17 a share, up from its previous outlook of $2.11 to $2.13. 

Veeva expects revenue for the fiscal year of about $1.09 billion vs. previous guidance of $1.06 billion to $1.07 billion.

The stock has gained more than 78% so far in 2019.

Veeva’s market capitalization is now $22.3 billion. It has about 3000 employees.

Veeva cited “outperformance in both Veeva Commercial Cloud and Veeva Vault” product lines”. Veeva Vault CDMS is now rolling out in a large-scale Phase 3 trial for more than 12,000 patients across 700 sites and 32 countries, the company says.

Veeva also added two acquisitions in the quarter: Crossix and Physicians World. The financial impact of these two deals to Veeva’s 4th quarter is expected to be total revenues between $13 and $15 million and a non-GAAP operating loss of $6 million.

Physicians World is a platform for Pharma events. Outsourcing_Pharma says Veeva paid about $40 million for it. Crossix is a leader in privacy-safe patient data and analytics.